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- Will Bitcoin break the 31K resistance zone?
- Bitcoin’s 24-hour volume decreased by 18%.
- Will Bitcoin be able to hold onto the critical support level of $29,600?
Will Bitcoin continue to rise? Increasing long positions in Bitcoin are scaring altcoin investors. Current Bitcoin price analysis!
Medium-Term Bitcoin Price Analysis!
4 Hour Bitcoin Price Analysis! Source: TradingView
When we examine the 4-hour price chart of Bitcoin, we see that it experienced a drop to the $30,000 levels after encountering selling pressure from the important psychological resistance level of $31,000.
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If the price of Bitcoin takes liquidity at the $31,000 level on the 4-hour chart and starts a downward movement from that area, it can realize its decline to the $29,700 levels.
If the price of Bitcoin cannot make 4-hour candlestick closes above the $31,000 level, the target for the decline will be the $29,700 level. If the price of Bitcoin makes 4-hour candlestick closes above the $31,000 level, the target for the rise will be the $32,200 levels.
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Short-Term Bitcoin Price Analysis!
1 Hour Bitcoin Comment Analysis! Source: TradingView
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When we examine the short-term price chart of Bitcoin, we see that it has been moving in a sideways channel for 3 days. Bitcoin rose to the $31,000 levels yesterday with its upward movement. It encountered selling pressure at the $31,000 levels, and we took that area as a deviation zone in the analysis.
If Bitcoin stays above the $30,000 level, it can test the $31,000 levels again. However, if the price of Bitcoin (BTC) closes below the $30,000 level for 2 hours, the first target for the decline will be the $29,500 levels.
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